view.layer.cornerRadius = radius;
The difficult technique is to develop your own UIView subclass using the drawRect: method, which was necessary in the initial iPhone SDK.
 CGContextRef context = UIGraphicsGetCurrentContext();
 CGContextSetRGBFillColor(context, 0,0,0,0.75);
 CGContextMoveToPoint(context, rect.origin.x, rect.origin.y + radius);
 CGContextAddLineToPoint(context, rect.origin.x, rect.origin.y + rect.size.height - radius);
 CGContextAddArc(context, rect.origin.x + radius, rect.origin.y + rect.size.height - radius, 
                radius, M_PI, M_PI / 2, 1); //STS fixed
 CGContextAddLineToPoint(context, rect.origin.x + rect.size.width - radius, 
                        rect.origin.y + rect.size.height);
 CGContextAddArc(context, rect.origin.x + rect.size.width - radius, 
                rect.origin.y + rect.size.height - radius, radius, M_PI / 2, 0.0f, 1);
 CGContextAddLineToPoint(context, rect.origin.x + rect.size.width, rect.origin.y + radius);
 CGContextAddArc(context, rect.origin.x + rect.size.width - radius, rect.origin.y + radius, 
                radius, 0.0f, -M_PI / 2, 1);
 CGContextAddLineToPoint(context, rect.origin.x + radius, rect.origin.y);
 CGContextAddArc(context, rect.origin.x + radius, rect.origin.y + radius, radius, 
                -M_PI / 2, M_PI, 1);
 CGContextFillPath(context);
Note: The rect in this code should be taken from [self limits] (or wherever you want it to be), since the rect supplied to the drawRect: method will not make sense.